Loan Calculator

Work out the monthly payment on any fixed-rate loan. Enter the amount, annual interest rate, and term — the payment and total interest update as you type.

RESULT

$386.66

Monthly payment

$23,199.36

Total paid

$3,199.36

Total interest

Payments

Formula

Payment = P × i ÷ (1 − (1 + i)⁻ⁿ) where i = rate/12, n = months

Example: A $20,000 loan at 6% over 5 years costs $386.66 per month.

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Frequently asked questions

How is a loan payment calculated?

Fixed loans use amortization: each payment covers the month's interest plus part of the principal. The calculator uses the standard amortization formula shown above.

How can I pay less interest?

A shorter term or lower rate reduces total interest. Extra payments toward principal also cut the interest you pay over the life of the loan.